The post Bitcoin and Ethereum Enter Correction Phase, How Low Will BTC & ETH Price Plunge? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Bitcoin finds some amount of comfort after facing a continuous sell-off for two days. After enjoying a bullish momentum in the second half of March, Bitcoin price saw a decline below $45,000 since the start of April.

As the flagship currency is presently trading around $43,800, the currency has managed to surpass its immediate resistance at $43,800 and is strongly headed towards its next resistance at $44,000.

Meanwhile, along with Bitcoin, the second-largest crypto by market cap, Ethereum too faced downfall and broke $3,200. The lead altcoin also tested $3,150 before gaining its $3,200 level.

At press time, Ethereum is trading at $3,247 with a fall of 1.92% over the last 24hrs. The immediate resistance lies at the $3,300 level.

Also Read: Top ETH Whales Are Buying These Altcoins As Crypto Market Plunge Hard

Analyst Predict Corrections For Bitcoin & Ethereum

Santiment, an analytics firm, throws light on a key indicator that might signal an end to the recent cryptocurrency rally. The analytics firm is of the opinion that the profit-to-loss ratio for both Bitcoin (BTC) and Ethereum (ETH) is huge in the last six months and says this suggests a correction in the coming days.

#Bitcoin is seeing its 2nd largest ratio of transactions taken in profit vs. loss in the past 5 months today (2.64x more in profit). Also, #Ethereum is having its 2nd largest in 4 months (3.03x more in profit). These high ratios foreshadow corrections. https://t.co/pylqxYyhZ5 pic.twitter.com/m3OvjvbbJU

— Santiment (@santimentfeed) April 5, 2022

The data firm, Santiment also claims that on social media there were a lot of discussions regarding buying the dip in the midst of Bitcoin’s bearish pull.

This may not be a major price drop with #Bitcoin down -1.3% over the past 24 hours. However, after quite a bit of #FOMO over the past 2 weeks, there is some major #buythedip optimism on social platforms. This is the largest crowd spike in 3 weeks. https://t.co/vMyQNwlQ6S pic.twitter.com/uYjjoEhLc7

— Santiment (@santimentfeed) April 5, 2022

The Analytical platform, while talking about Ethereum, said that a significant reduction in transaction fees might be the reason for the Ethereum price surge.

At the end, Santiment stresses Litecoin (LTC), a peer-to-peer virtual currency and says the whales have accumulated altcoins in large numbers.